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Stock futures rose during early trading on Wednesday, despite comments from Federal Reserve Chairman Jerome Powell, who indicated that rate cuts will likely take longer to materialize, citing a slew of recent inflation data.
Here are some of Wednesday’s biggest stock moves:
Biggest Gains in Stocks
- United Airlines (UAL) stock. increased by up to 5% after surpassing the consensus level in its first quarter results. The company generated $2.8 billion in operating cash flow and free cash flow of $1.5 billion and reported passenger revenue growth of 10.1% y/y for the quarter, led by gains in the Pacific (+44% y/y) and Europe (+11% y/y) segments. Looking ahead, airlines expect fiscal 2024 adjusted EPS of between $9 and $11, in line with the consensus of $9.43.
Biggest stock losers
- JB Hunt Transport Services (JBHT) shares fell about 5% following the company’s first quarter results, which did not meet market expectations. The company reported a 9% decline in revenue and its profits fell nearly 35% year over year. This decline was primarily driven by a 9% decline in segment gross revenue per load in both intermodal and truckload transportation, 22% fewer loads in integrated capacity solutions, a 40% decrease in intermodal operating income and a 75% decrease in truckload operating income.
- Shares of ASML Holdings (ASML) fell by more than 4% after reporting mixed results in the first quarter, with revenue falling 21% y/y. Despite this, the company maintains its outlook for fiscal 2024, expecting total net sales to be similar to 2023. ASML CEO Peter Weennink said, “Our full-year 2024 outlook is unchanged , with the second half of the year expected to be stronger than the previous year’s first half, in line with the sector’s continued recovery from the crisis.” He further underlined: “We see 2024 as a transition year with continued investments in both capacity and technology to be ready for the turning point in the cycle.”